Elliott wave analysis of EUR/JPY for November 17, 2016

Wave summary:

After a backtest of the broken resistance line, that is now acting as support, a continuation higher to 118.60 is expected. A break above resistance at 117.49 will confirm the rally higher to 118.60 and possibly even higher to 122.00.

Ideally support at 116.22 will continue to act as a floor for the next impulsive rally higher.

Trading recommendation:

We are long EUR from 115.04 with stop placed at 116.04. If you are not long EUR yet, then buy near 116.75 or upon a break above 117.49 and use the same stop at 116.04.

The material has been provided by InstaForex Company - www.instaforex.com

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